Codeview is a much older debugging format that was introduced with Microsoft’s old standalone debugger back in the “Microsoft C Compiler” days of the mid-1980s. It takes up more space on disk and it takes longer for the debugger to parse, and it’s a major pain to process during linking. We generated it from our compiler back when I was working on the CodeWarrior for Windows in 1998-2000.
The one advantage is that Codeview is a documented format, and other tools can often process it when they couldn’t deal with PDB-format debug databases. Also, if you’re building multiple files at a time, there’s no contention to write into the debug database for the project. However, for most uses these days, using the PDB format is a big win, both in build time and especially in debugger startup time.